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Thread: How can our caring sharing government allow this?

  1. #1

    How can our caring sharing government allow this?

    I have just watched an advert for a company called pounds2day offering loans at an APR of 5570% and Wonga and Quikquid offer similar rates. I believe in Europe there is a cap on interest rates and why not here?
    I went into a branch of Ramsdens on Tuesday to see what tricks they try on anyone selling items for cash and my 7,000 Rolex was valued at 1,200. I somehow sympathise with shoplifters now as the High Street have been robbing us for years.

  2. #2
    Agreed re cap on interest charged. It's like throwing a spade to somebody who is already in a hole. That bloody Wonga advert really gets my goat.

    fraser

  3. #3
    I would regard 100% interest as theft but 5570% is just a piss take as you say from folks already in difficulty?

  4. #4
    How can our caring sharing government allow this?
    Who do you think the directors and share holders are................................... most likely the very MP's. After all we know they know all about fiddles and ripping off others.

  5. #5
    I cant see how you can get ripped off if you dont sign on the dotted line after reading the terms. I agree that there are disgraceful practices out there but it is up to the individual at the end of the day. The government should not be responsible for people being stupid.But of course they are.

  6. #6
    its a fair legit business imo if people cant manage their finances well enough to see that one of those loans might not be frugal then more fool them!

  7. #7
    Who exactly are these people anyway? Presumably they are FSA regulated, perhaps they are linked to those lovable bankers that us taxpayers underwrite?

  8. #8
    Not that i condone the excessive rates, but the Companies justify them by saying they are short term loans and the amount of interest in pounds shillings and pence actually paid is minimal because of the small amounts borrowed and the short term it's paid back over.

  9. #9
    I think it's about time people started to realise it's down to them to look after themselves and not expect someone (the Government) else to do it for them. If you take out a loan you can't afford why should anyone else have to cover the cost?

    If you have been crap paying people back they don't lend to you again, just because a company will but charges you for prior stupidity means you are twice as gullible.

    Don't like it? Don't do it. Or become British and bitch about the fact someone didn't do well enough by you and get them to cover your cock up (I say your in a very non directed sense).

  10. #10
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    This is a fine example of the freedoms we are lucky enough to have in this country.

    The individual is "free" to choose to become indebted

    ....and even those whose position is so precarious that no responsible lender would, in the normal course of events, extend any further credit even here there is the freedom to become further indebted.

    Companies are "free" to offer to fill every niche the "free" market has to offer

    ... and even those whose position is so precarious that no responsible lender would, in the normal course of events, extend any further credit even here there is the freedom to charge enough to cover the risk of letting those who chose to do so to become further indebted/

    and...

    We enjoy such freedom of speech that you can come on here and whinge about the simple arithmetic of those freedoms.

    Think on'

    Neither a borrower nor a lender be;
    For loan oft loses both itself and friend,
    And borrowing dulls the edge of husbandry.
    This above all: to thine own self be true,
    And it must follow, as the night the day,
    Thou canst not then be false to any man. William Shakespeare, (1564 - 1616)
    "Hamlet", Act 1 scene 3
    Last edited by Tamus; 30-12-2011 at 14:16. Reason: zchplng

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